CICC looks forward to investment opportunities in the second half of the year

category:Finance
 CICC looks forward to investment opportunities in the second half of the year


In terms of investment logic, CICC is still optimistic about investment opportunities in the new economy.

The new economy is still the main line of our investment. Wang Hanfeng, chief strategist and managing director of CICC, stressed.

Wang Hanfeng believes that this conclusion will be promoted by the economic recovery expectation in the second half of the year as a whole, the low interest rate, the low growth environment and the institutionalization of investor structure.

At the same time, it points out that the over distortion of Shanghai stock index in recent years actually hides the potential growth of new economic enterprises in recent years.

In the past 10 years, Chinas GDP growth rate has continued to decline, and many people are worried about the decline of Chinas economy, but in fact, this is only one aspect of Chinas economy, but on the other hand, the structure of the whole economy is transforming to consumption and service, the proportion of consumption GDP has been rising, and the new economy is also greatly outperforming the old economy. Wang Hanfeng pointed out that in the past 10 years, China can adopt the concept of downward total growth and continuous improvement of structure.

The upgrading of consumption and the expansion of industrial scale is a typical feature of the new economic transformation, so the market structure is also changing. The proportion of the new economic sector in the whole market is constantly expanding, from the original 28 to the current 55. Wang Hanfeng said.

In its view, the joining of overseas investors is also bringing changes to the A-share market.

Foreign investment is speeding up to enter China, and these institutions have also made good profits in holding Chinese new economy enterprises. If we resume the stock market of new economy companies held by foreign investors, the annual income in the past five years has reached 20%. So the local index downturn has covered up the structural investment opportunities of Chinas a shares.

In addition, Wang Hanfeng believes that the environment of low interest rate and low growth will also bring obvious stimulation to the opportunities of growth companies.

It can be seen from overseas markets that in an environment of low interest rate and low growth, capital prefers to pursue growth enterprises, which is also the investment direction represented by the new economy. If we look at market valuation, we can see that from 2010 to now, leading companies with high-quality growth opportunities can have higher valuation premium, Wang said Wang Hanfeng believes that in the second half of the year, the consumption industry represented by food and beverage will have better performance opportunities with the deepening of the resumption of production and work, especially some industries with low valuation and the expected improvement of prosperity, such as automobile, home appliances, hotels, light industrial furniture, media Internet, etc.; at the same time, he is optimistic about technology and new energy automobile industry chain, including new energy automobile industry Chain is a cycle of 4-5 years. The new energy industry will go through a process of pure electric vehicles being affordable, affordable and sinking. The construction and production of Tesla and other factories will also accelerate the process of the industry moving closer to the traditional vehicle enterprises. We continue to be optimistic in this direction. In addition, we are optimistic about advanced photovoltaic manufacturing, Wang said Source: responsible editor of 21st century economic report: Yang Bin_ NF4368

It can be seen from overseas markets that in an environment of low interest rate and low growth, capital prefers to pursue growth enterprises, which is also the investment direction represented by the new economy. If we look at market valuation, we can see that from 2010 to now, leading companies with high-quality growth opportunities can have higher valuation premium, Wang said

Wang Hanfeng believes that in the second half of the year, the consumption industry represented by food and beverage will have better performance opportunities with the deepening of the resumption of production and work, especially some industries with low valuation and the expected improvement of prosperity, such as automobile, home appliances, hotels, light industrial furniture, media Internet, etc.; at the same time, he is optimistic about technology and new energy automobile industry chain, including new energy automobile industry Chain is a cycle of 4-5 years.

The new energy industry will go through a process of pure electric vehicles being affordable, affordable and sinking. The construction and production of Tesla and other factories will also accelerate the process of the industry moving closer to the traditional vehicle enterprises. We continue to be optimistic in this direction. In addition, we are optimistic about advanced photovoltaic manufacturing, Wang said